A personal financial statement, built for CRE loans.
Every guarantor on a commercial real estate loan hands the lender a personal financial statement. Most templates stop at assets and liabilities. This one adds the two schedules a credit analyst reads first: the real estate the guarantor owns, and the loans the guarantor has already guaranteed.
A personal financial statement template built for commercial real estate loans: assets, liabilities and net worth, plus the two schedules lenders read first, real estate owned and contingent liabilities from guaranties.
Downloads a CSV you can open in Excel or Google Sheets. Built in your browser; nothing is uploaded.
What a personal financial statement is
A personal financial statement, or PFS, lists what one person owns and owes on a stated date. Total assets minus total liabilities is net worth. It is signed by the individual and dated, and the lender files it with the credit memo.
On a commercial real estate loan the PFS comes from each guarantor or key principal, not from the borrowing entity. The borrower is usually a single-purpose LLC that owns only the property. The guarantor is the person whose balance sheet stands behind the recourse and the carve-outs, so the lender wants to see that balance sheet directly.
What a CRE lender actually checks
Two tests come out of a PFS: net worth and liquidity. Many loan agreements state both as guarantor covenants, a minimum net worth and a minimum amount of unencumbered cash and marketable securities, tested at closing and then annually. The specific thresholds come from the term sheet and the lender's credit policy.
Analysts then read past the totals. Retirement accounts are often discounted or excluded from liquidity because they cannot be reached quickly without penalty. Interests in closely held businesses carry a value the guarantor chose, so the basis of value matters. And real estate equity is only as good as the schedule behind it.
| Section | What the analyst reads | Why it matters |
|---|---|---|
| Cash and securities | Statements that tie to the figures | Liquidity covenants are tested on this line |
| Retirement accounts | Whether they are included in liquidity | Often discounted or excluded |
| Real estate owned | Each property's value, debt, NOI and debt service | Shows whether the portfolio carries itself or drains the guarantor |
| Business interests | Stated basis of value | The softest number on the statement |
| Contingent liabilities | Every guaranty, with loan balance and maturity | Net worth after existing guaranties is the real cushion |
| Annual income | Recurring sources | Supports the guarantor's ability to carry shortfalls |
The two schedules most templates leave out
The schedule of real estate owned lists each property with ownership share, market value, mortgage balance, lender, maturity, NOI and annual debt service. It lets the lender see which properties produce cash and which need support, and which loans mature during the new loan's term.
The schedule of contingent liabilities lists every guaranty the person has already signed: borrower entity, lender, balance, type of guaranty and maturity. A guarantor with a large net worth and a long list of full payment guaranties may have less real support than one with a smaller statement and none. The template includes both schedules as separate tables in the same file.
Using the template
Download the CSV and open it in Excel or Google Sheets. Fill the summary, then the two schedules, and make sure the real estate and mortgage totals on the summary match the schedule. A reviewer checks that reconciliation first.
Many lenders require their own PFS form, and SBA loans use SBA Form 413. Use this template to organize the figures, then transfer them to the form the lender specifies. In a due diligence checklist, the guarantor PFS usually sits beside the sponsor's schedule of real estate owned and tax returns.
Questions lenders ask
- What is a personal financial statement used for in a commercial real estate loan?
- It shows the lender each guarantor's assets, liabilities and net worth on a stated date. The lender uses it to test net worth and liquidity, to review the guarantor's other real estate and debt, and to see existing guaranties that compete for the same balance sheet.
- Who has to provide a personal financial statement?
- On most commercial real estate loans, each guarantor and key principal provides one. The borrowing entity is usually a single-purpose LLC, so the lender looks through it to the people who sign the guaranty. The loan application or term sheet names who must provide one.
- How current does a personal financial statement need to be?
- The lender sets the requirement, and many ask for a statement dated within the last few months at application and an updated one annually while the loan is outstanding. Check the term sheet or the lender's checklist for the exact window.
- What are contingent liabilities on a personal financial statement?
- Obligations that could become the person's debt if something happens, most often guaranties of other loans, plus co-signed notes and pending claims. Lenders read them closely because a guaranty already given to another lender reduces the support behind a new one.
- Is this the same as SBA Form 413?
- No. SBA Form 413 is the government form required on SBA loans. This template covers the same core sections and adds a real estate owned schedule and a guaranty schedule for commercial real estate loans. If your lender requires its own form or Form 413, transfer the figures to it.
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